USA: Coty to sell majority stake of hair care business for $4.3 billion

The global beauty company Coty has announced the sale of the majority stake of its Professional Beauty and Retail Hair Businesses for $4.3 billion to global investment firm KKR.

Owner of brands such as Clairol, OPI, ghd, and Wella, Coty is one of the biggest beauty companies making cosmetics, skincare, fragrances, and hair colour products worldwide.

According to sources, the deal will be crucial to consolidate Coty’s balance sheet and growth in shareholder value.

Peter Harf, Chairman of Coty, said: “We are thrilled to enter into this strategic partnership with KKR, one of the world’s preeminent investment firms with an exemplary track record of value creation”.

Johannes Huth, Partner and Head of KKR, added: “We are excited to […] acquire a majority stake in Wella, a market leader with a strong portfolio of brands in the attractive professional hair market where we see significant opportunities to accelerate growth in partnership with its experienced leadership team”.